Exercise 16 23 (Algo) Net operating loss carryforward [LO16-7] During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss of $444 , 000 for financial reporting and tax purposes, The enacted tax rate is 25% . Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of avallable evidence suggests that future taxable income will be sufficient to benefit from future deductible amounts arising from the net operating loss carryforward. 2. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss. Complete this question by entering your answers in the tabs below. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of avallable evidence suggests that future taxable income will be sufficient to benefit from future deductible amounts arising from the net operating loss carryforward. (if no entry is required for a transaction/event, select " No joumal entry required" in the first account field. Enter your answers in whole doltars.) Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the welght of available evidence suggests that future taxable income will be sufficient to benefit from future deductible amounts arising from the net operating carryforward. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter y answers in whole doliars.) Journal entry worksheet Record 2021 income tax benefit from operating loss. Note: Enter debits before credits. During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss of $444 , 000 for financial reporting and tax purposes. The enacted tax rate is 25% . Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of available evidence suggests that future taxable income will be sufficient to benefit from future deductible amounts arising from the net operating loss carryforward. 2. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss. Complete this question by entering your answers in the tabs below. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in whole dollars.).

1. Exercise 16 23 (Algo) Net operating loss carryforward [LO16-7] During 2021, its first year of
operations, Baginski Steel Corporation reported a net operating loss of $444 , 000 for financial
reporting and tax purposes, The enacted tax rate is 25% . Required: 1. Prepare the journal entry
to recognize the income tax benefit of the net operating loss. Assume the weight of avallable
evidence suggests that future taxable income will be sufficient to benefit from future deductible
amounts arising from the net operating loss carryforward. 2. Show the lower portion of the 2021
income statement that reports the income tax benefit of the net operating loss. Complete this
question by entering your answers in the tabs below. Prepare the journal entry to recognize the
income tax benefit of the net operating loss. Assume the weight of avallable evidence suggests
that future taxable income will be sufficient to benefit from future deductible amounts arising
from the net operating loss carryforward. (if no entry is required for a transaction/event, select "
No joumal entry required" in the first account field. Enter your answers in whole doltars.)
Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume
the welght of available evidence suggests that future taxable income will be sufficient to benefit
from future deductible amounts arising from the net operating carryforward. (If no entry is
required for a transaction/event, select "No journal entry required" in the first account field.
Enter y answers in whole doliars.) Journal entry worksheet Record 2021 income tax benefit from
operating loss. Note: Enter debits before credits. During 2021, its first year of operations,
Baginski Steel Corporation reported a net operating loss of $444 , 000 for financial reporting and
tax purposes. The enacted tax rate is 25% . Required: 1. Prepare the journal entry to recognize
the income tax benefit of the net operating loss. Assume the weight of available evidence
suggests that future taxable income will be sufficient to benefit from future deductible amounts
arising from the net operating loss carryforward. 2. Show the lower portion of the 2021 income
statement that reports the income tax benefit of the net operating loss. Complete this question by
entering your answers in the tabs below. Show the lower portion of the 2021 income statement
that reports the income tax benefit of the net operating loss. (Amounts to be deducted should be
indicated with a minus sign. Enter your answers in whole dollars.)